Transnet signs loan deal for 240 new locomotives
Transnet will use the proceeds of a R2‚8-billion loan to fund the acquisition of locally built 240 electric locomotives. The loan deal‚ signed on Monday with Germany’s KfW Development Bank‚ “confirms Transnet’s solid financial position and attractiveness of its projects‚ especially to international investors”‚ the parastatal said in a statement.The locomotives are to be built at Bombardier’s manufacturing facility in Durban as part of Transnet’s programme to acquire 1064 more train engines.For this these‚ Transnet awarded contracts to CSR Zhuzhou Electric Locomotive and Bombardier Transportation to build 599 electric locomotives‚ while General Electric Technologies and CNR Rolling Stock will build 465 diesel locomotives.“Two weeks ago‚ Transnet concluded a R30 billion loan facility agreement with China Development Bank (CDB) for funding 232 diesel and 359 electric locomotives it is building with China North Rail and China South Rail respectively‚” the statement said...
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